Designer Brands Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

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Exchange Act of 1934

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Designer Brands Inc.

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810 DSW Drive

Columbus, Ohio 43219

(614) 237-7100

Notice of 2026 Annual Meeting of Shareholders

and Proxy Statement

May 7, 2026

Dear Designer Brands Shareholder:

You are cordially invited to attend the 2026 Annual Meeting of Shareholders (the “2026 Annual Meeting”) of Designer Brands Inc., an Ohio corporation (the “Company”) at 1:00 p.m. Eastern Time on June 17, 2026. The 2026 Annual Meeting will be held in a virtual-only format via live audio cast at www.virtualshareholdermeeting.com/DBI2026. All holders of shares of our outstanding common stock as of the close of business on April 23, 2026 are entitled to vote at the meeting. Details of the business to be conducted at the meeting are given in the Notice of 2026 Annual Meeting of Shareholders and the Proxy Statement, which are included on the following pages. Instructions for accessing the virtual meeting audio cast online are also included in the Proxy Statement.

Fiscal 2025 was a year of disciplined execution as we strengthened the business and advanced our transformation. Throughout the year, we remained focused on the initiatives within our control, made thoughtful adjustments where needed, and delivered sequential improvement across key financial metrics. We ended the year with stronger momentum and remain committed to building long-term value for our shareholders.

During fiscal 2025 we elevated our assortment, improved inventory productivity, and strengthened relationships with key national brand partners. We also launched a new DSW brand positioning campaign this fall, with early results showing strong customer resonance and improved engagement. Store remodels and new store openings are bringing this to life, reinforcing our commitment to a differentiated omnichannel experience. Within our Brand Portfolio segment, we refined our go-to-market strategies and improved profitability through strong operational discipline and margin focus, despite a complex tariff environment.

As we enter fiscal 2026, we believe we are well positioned to continue our transformation and deliver greater value. We began the year by implementing significant organizational and structural changes designed to support more efficient execution. We welcomed Sheamus Toal as Chief Financial Officer, adding deep financial and operational expertise to our leadership team. Additionally, we streamlined our U.S. and Canada Retail structure and right sized our shared services as part of our efforts to enhance collaboration and maintain expense discipline.

In fiscal 2026, we will prioritize winning with the merchandise that matters most, amplifying and expanding our DSW brand positioning, elevating our in-store customer experience, and building and scaling our Brand Portfolio. Across the organization, we remain committed to executing against the factors within our control and we believe our ongoing business transformation positions us to better support long-term shareholder value creation.

Your vote is important. Whether or not you plan to attend the 2026 Annual Meeting virtually, please vote as soon as possible. As an alternative to voting during the 2026 Annual Meeting, you may vote in advance via the internet, by telephone, or, if you receive a paper proxy card in the mail, by mailing the completed proxy card. Voting by any of these methods will ensure you have a say on the important issues to be voted on at the 2026 Annual Meeting.

I would like to thank you personally for your continued support of Designer Brands Inc.

Douglas M. Howe

Chief Executive Officer

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810 DSW Drive

Columbus, Ohio 43219

(614) 237-7100

Notice of 2026 Annual Meeting of Shareholders

Items of Business – 2026 Annual Meeting

Shareholders will also transact such other business as may properly come before the 2026 Annual Meeting or any adjournment, continuation, or postponement thereof.

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Your Vote is Important: Even if you plan to virtually attend the 2026 Annual Meeting, please cast your vote as soon as possible by following the instructions on your proxy card or VIF:

Please consider the issues presented in this Proxy Statement and vote your shares, by internet or telephone, or sign, date, and return your proxy card, as promptly as possible.

Submitting your proxy now will not prevent you from voting your shares online during the 2026 Annual Meeting, as your proxy is revocable at your option. Whether or not you virtually attend the 2026 Annual Meeting, it is important that your shares be part of the voting process. You may vote your shares in advance of the meeting by following the instructions above. You can also vote or ask questions during the 2026 Annual Meeting by attending the virtual 2026 Annual Meeting and following the instructions at www.virtualshareholdermeeting.com/DBI2026.

Lisa M. Yerrace

Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary

May 7, 2026

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Important Notice Regarding the Availability of Proxy Materials for the2026 Annual Meeting of Shareholders to be held on June 17, 2026:Our Proxy Statement follows this Notice of 2026 Annual Meeting of Shareholders. Financial and other information concerning the Company is contained in the Annual Report for fiscal 2025. The Proxy Statement and Annual Report are available on our Investor Relations website at investors.designerbrands.com. Additionally, you may access our proxy materials at www.proxyvote.com, a site that does not have “cookies” that identify visitors to the site.This Notice of 2026 Annual Meeting of shareholders, the accompanying Proxy Statement, and our Annual Report are all available, free of charge, at www.proxyvote.com.

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TABLE OF CONTENTS

Forward-Looking Statements

Certain statements in this Proxy Statement may constitute forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements reflect our current views with respect to, among other things, future events and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “could,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “would,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. Any forward-looking statements contained in this Proxy Statement are based upon current plans, estimates, expectations and assumptions relating to our operations, results of operations, financial condition, and liquidity. The inclusion of any forward-looking statements should not be regarded as a representation by us or any other person that the future plans, estimates, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to numerous risks, uncertainties, and other factors, many of which are outside of our control, that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Risks and other factors that could cause our actual results to differ materially from our forward-looking statements are described in the Company’s latest Annual Report on Form 10-K or our other reports made or filed with the Securities and Exchange Commission (the “SEC”).

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results, performance, or achievements may vary materially from what we have projected. Furthermore, new factors emerge from time to time, and it is not possible for management to predict all such factors, nor can management assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

Websites

Website addresses referenced in this Proxy Statement are intended to be inactive textual references only, and the content on the referenced websites does not constitute a part of, and is specifically not incorporated by reference into, this Proxy Statement.

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